Pay Request System

Abstract

This web enabled system is capable of facilitating the management of unlimited projects within which an unlimited number of parties may participate to complete an unlimited number of stages, substages and tasks. The system facilitates the efficient disbursal of monies while reducing the inefficiencies that result when money is not timely disbursed. Included is functionality for requesting, managing, allocating, and disbursing funds in accordance with allocation factors. Allowed inputs by users are governed by each party's function and the password security level provided therefore, in balance with checks against required approvals or releases by other affected parties and intrasystem consistency checks. The system provides net payment function management to provide payor credit for faster payment.

What I claim is: 
     
         1 . A contract and funding management process enabled by at least one computerprocessor, the process comprising:
 a) storing, with a computer processor, information required to manage at least one contract;   b) assigning, with a computer processor, multi-level, party identity dependent accessibility by a plurality of authorized users;   c) facilitating, with a computer processor, a process for requesting funds from a plurality of donor sources, and receiving funds from at least a subset of said plurality of donor sources and compiling said funds into a funded amount ;   d) managing said funded amount, with a computer processor, comprising completion of a funding set up, at least one basis for disbersing a payment from a portion of the funded amount, and a balance;   e) allocating said funded amount, with a computer processor, in accordance with said funding set up.   
     
     
         2 . The contract and funding management process of  claim 1  further comprising a plurality of approvers for disbursing a portion of said funded amount in response to a pay request comprising receiving, with a computer processor, a request from a pay application originator for distribution of a portion of said funded amount, requesting and receiving approval of said distribution from each of said plurality of approvers, and causing the distribution of said portion of said funded amount. 
     
     
         3 . The contract and funding management process of  claim 2  wherein causing the distribution of said portion of said funded amount comprises distributing said portion of the funded amount in accordance with said funding set up and said at least one basis for disbersing a payment and distributing said portion of the funded amount to said pay application originator. 
     
     
         4 . The contract and funding management process of  claim 2  wherein said funding set-up comprises means to determine whether funds are allocated for payment of the request. 
     
     
         5 . The contract and funding management process of  claim 4  wherein allocating said funded amount in accordance with the funding set-up comprises applying at least one allocation factor selected from the group consisting of phase set-up, schedule of values, labor, calendar, plan, and materials. 
     
     
         6 . The contract and funding management process of  claim 2  wherein said funding set-up comprises data pertaining to a plurality of pay application originators and at least one pay approver, and said request for distribution of a portion of said funded amount comprises a pay application and a waiver of rights related to said payment from said pay application originator. 
     
     
         7 . The contract and funding management process of  claim 6  wherein prior to distribution of said portion of the funded amount, said computer processor causes the pay request to be presented to said at least one approver for approval and, upon receiving at least one approval, causes the generally simultaneous distribution of said portion of the funded amount to said pay requestor and said waiver of rights. 
     
     
         8 . The contract and funding management process of  claim 1 , said funding set-up comprising at least one allocation factor selected from a group consisting of a plan, a schedule of values, a phase, labor, and materials. 
     
     
         9 . The contract and funding management process of  claim 1  wherein said funding set up comprises data pertaining to a plurality of pay application originators and means to determine whether funds are allocated and available for disbursement of the request for said portion of the funded amount. 
     
     
         10 . The contract and funding management process of  claim 8  further comprising at least one allocation approver and processing, with a computer processor, a request for allocation of said funded amount in accordance with at least one of said allocation factors by requiring approval of said at least one allocation approver. 
     
     
         11 . The contract and funding management process of  claim 10  further comprising calculating, with said processor, a balance of funds remaining from the funded amount. 
     
     
         12 . The contract and funding management process of  claim 1  further comprising means to replenish said funded amount, said means including facilitating, with a computer processor, the process for requesting additional funds from a second plurality of donor sources, and receiving said additional funds from at least a subset of said plurality of donor sources. 
     
     
         13 . The contract and funding management process of  claim 12  wherein said second plurality of donor sources includes at least one of the plurality of donor sources of  claim 1 . 
     
     
         14 . The contract and funding management process of  claim 12  wherein said process of requesting comprises sending a message with said computer processor to each of said plurality of donor sources, said message comprising a request for funds. 
     
     
         15 . The contract and funding management process of  claim 2  wherein said funding set up comprises data identifying said plurality of donor sources and a plurality of pay application originators, disbursing said payment, with a computer processor, comprising releasing the payment from said funded amount, calculating a remaining balance of the fund, and depositing said payment into an account. 
     
     
         16 . The contract and funding management process of  claim 1  wherein said funding set-up comprises a plurality of allocation factors used by said processor when allocating said funded amount. 
     
     
         17 . The contract and funding management process of  claim 3  further comprising determining whether funds have been allocated for payment of said request and whether a balance of said allocated funds adequate to pay said request remains. 
     
     
         18 . The contract and funding management process of  claim 1 , said at least one basis for disbursing a portion of the funded amount comprising one or more from a group comprising: a project number, a time period, a department, a phase, a contract identifier, a geolink, a one time payment, and a recurring payment. 
     
     
         19 . The contract and funding management process of  claim 12 , further comprising monitoring said funded amount by performing, with a computer processor, at least one from the group consisting of: determining a balance, comparing the balance to a minimum, computing a predicted usage rate, forecasting a below minimum balance, generating an indicator when said balance is below said minimum. 
     
     
         20 . The contract and funding management process of  claim 1  further comprising designating with a computer processor a sequence of a plurality of approvers, and securing approval from each of said plurality for adding to said fund. 
     
     
         21 . The contract and funding management process of  claim 1  further comprising designating with a computer processor a sequence of a plurality of approvers, and securing approval from each of said plurality for a recurring replenishment of at least some portion of the funds of said funded amount. 
     
     
         22 . A contract and funding management process enabled by a computer processor, the process comprising:
 a) storing, with a computer processor, information required to manage funding and payment for one or more of a contract and a subcontract;   b) facilitating, with a computer processor, a process for requesting funds from a plurality of donor sources, receiving funds from at least a subset of said plurality of donor sources, and compiling said funds into a funded amount;   c) managing said funded amount, with a computer processor, comprising i) application of at least one of a plurality of allocation factors, ii) application of at least one basis for disbersing a payment from the funded amount, and iii) computing a balance in said fund account;   d) receiving a request for payment for work completed and a waiver of at least some rights related to the work completed;   e) and withdrawing from the funded amount an amount substantially equal to the request for payment, transferring the substantially equal amount in accordance with the request for payment, and transferring said waiver in accordance with said request for payment.   
     
     
         23 . The process of  claim 22  wherein said contract comprises a schedule of values. 
     
     
         24 . The process of  claim 23  further comprising tracking the funds remaining in said fund account and forecasting funding needs with a computer processor, said forecasting comprising computing a predicted usage rate of said funds remaining based on said schedule of values. 
     
     
         25 . The process of  claim 24 , further comprising tracking the funds remaining in said fund account and forecasting when said funds remaining will be lower than a pre-set minimum. 
     
     
         26 . The process of  claim 22  further comprising forecasting funding needs with a computer processor, said forecasting dependent upon one or more bases from the group consisting of: project specifications, time period per project, bids accepted, phases and plans, expected return on invested funds, departmental funding, grants awarded, balances in related accounts. 
     
     
         27 . The process of  claim 22  further comprising managing, with a computer processor, recurring funding needs for a project wherein said managing comprises tracking at least one or more of a group of factors consisting of: planned progress, actual progress, time elapsed, schedule of values, funds remaining in said fund account, seasonal factors. 
     
     
         28 . The process of  claim 27  wherein managing recurring fund needs further comprises generating requests for additional funds. 
     
     
         29 . The process of  claim 28  wherein generating said requests for additional funds comprises analysis of past giving patterns of a plurality of donors.